Oura Inc. operates at the intersection of consumer electronics and digital health, offering a continuous health monitoring platform anchored by its flagship hardware, the Oura Ring. The smart ring utilizes photoplethysmography (PPG) and other sensors to track a wide range of physiological signals, including heart rate, heart rate variability, sleep stages, body temperature, and blood oxygen levels. The company's business model relies on a combination of upfront hardware sales and recurring subscription revenue. For the nine months ended June 30, 2026, Oura generated $1.21 billion in total revenue, with hardware sales accounting for approximately 80% ($974 million) and its Oura Membership subscription contributing 20% ($241 million). The subscription service, which boasts over 5 million paid members and an 85% retention rate, unlocks advanced analytics, personalized insights, and AI-driven guidance through the Oura App. While originally founded in Finland, Oura is now headquartered in San Francisco and incorporated in Delaware, generating the vast majority of its revenue in the United States. The company competes in the highly competitive wearables market against tech giants like Apple, Google (Fitbit), and Garmin, differentiating itself through its screenless ring form factor, focus on sleep and recovery, and clinical partnerships.
Gross margin measures the amount of revenue that remains after subtracting costs directly associated with production.
The EBITDA margin is a measure of a company's operating profit desconsidering D&A costs as a percentage of its revenue.
The EBIT margin is a measure of a company's operating profit considering D&A costs as a percentage of its revenue.
The net profit margin, or simply net margin, measures how much net income or profit is generated as a percentage of revenue. It is the ratio of net profits to revenues for a company or business segment.
Many companies have a high D&A in relation to the company's operating profit (EBITDA) and although this indicator does not have an effective cash effect, it ends up influencing the accounting net income, so analyzing this relationship can help to understand when D&A has a relevant impact to the company's results.
Shows the amount spent on investments in research and development in relation to the Net Revenue for the period. The company can use these investments to try to increase its revenue in the future.
Shows the amount spent on investments in Capex in relation to Net Revenue for the period. The company can use these investments to try to increase its revenue in the future.
Indicates a comparison between investments in fixed/intangible assets and the depreciation and amortization of some company assets. It serves to let managers know that the company's assets are devaluing periodically, and whether CAPEX has followed the same pace or not.
It shows the percentage of operating cash flow that the company uses in Capex (investments in fixed and intangible assets). When your result is greater than 100%, it demonstrates that there are expenses greater than what the company produces in its operations.
It demonstrates the percentage cost of Stock-Based Compensation compared to the company's operating cash flow. In some companies, the OCF is positive because of the SBC, which can lead to an incorrect cash flow analysis.
If the company has a lot of D&A, it helps to see if most of it tends to come from fixed assets. The account can include machinery, equipment, vehicles, buildings, land, office equipment, and furnishings, among other things.
If the company has a lot of D&A, it helps to see if most of it tends to come from Goodwill, that is an intangible asset that accounts for the excess purchase price of another company.
Return on equity (ROE) is the measure of a company's net income divided by its shareholders' equity and is a gauge of a corporation's profitability and how efficiently it generates those profits.
Return on invested capital (ROIC) is a calculation used to assess a company's efficiency in allocating capital to profitable investments. The formula for calculating ROIC involves dividing Net Income by the average of invested capital.
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